

********************************************************************************
*regress aquisition spending and acquisition probability on cash holding
* variables normalized by total asset
* basic regression only includes cash and equivalent, leverage ratio, log asset, ebits
* ext_noyear: add cash to cash and equivalent ratio and past capital spending
* ext_year: further add year dummies.
********************************************************************************
estimates clear 

qui:xtreg aqcdummy l.cheat l.ebitat l.logat_cpi_final l.lratio_c  l.lratio_l l.capxat l.relative_size if l.at>=0 &aqc>=0 & l.lratio>=0, fe vce(robust)
estimates store m1

qui:xtreg aqcdummy l.cheat l.ebitat l.logat_cpi_final l.lratio_c  l.lratio_l l.capxat l.relative_size i.fyear if l.at>=0 &aqc>=0 & l.lratio>=0, fe vce(robust)
estimates store m2

qui:xtreg aqcdummy l.cheat l.ebitat l.logat_cpi_final l.lratio_c  l.lratio_l l.capxat l.relative_size i.fyear#i.bigsic if l.at>=0 &aqc>=0 & l.lratio>=0, fe vce(robust)
estimates store m3

qui:xtreg aqcat l.cheat l.ebitat l.logat_cpi_final l.lratio_c  l.lratio_l l.capxat l.relative_size if  at>=0 &aqc>=0 & l.lratio>=0 , fe vce(robust)
estimates store m4

qui:xtreg aqcat l.cheat l.ebitat l.logat_cpi_final l.lratio_c  l.lratio_l l.capxat l.relative_size i.fyear if at>=0 &aqc>=0 & l.lratio>=0 , fe vce(robust)
estimates store m5

qui:xtreg aqcat l.cheat l.ebitat l.logat_cpi_final l.lratio_c  l.lratio_l l.capxat l.relative_size i.fyear#i.bigsic if at>=0 &aqc>=0 & l.lratio>=0 , fe vce(robust)
estimates store m6


esttab m1 m2 m3 m4 m5 m6 using "tables/aquisition_at_cpi_final_log_final_relative_size.tex",  keep(L.cheat L.ebitat L.logat_cpi_final L.lratio_c L.lratio_l L.capxat) cells(b(star fmt(3)) se(par fmt(3))) stats(r2_a r2_w N) starlevels(* 0.10 ** 0.05 *** 0.01) varlabels(L.cheat "Cash Holding" L.ebitat "Sales" L.logat_r "Log Asset" L.lratio "Leverage" L.capxat "Capital Expenses" )  nonumbers mtitles("Prob" "Prob" "Prob" "Spending" "Spending" "Spending" "Spending") addnotes("Robust standard errors are in brackets and are clustered at firm level. ") legend replace

esttab  m1 m2 m3 m4 m5 m6 using "tables/aquisition_at_cpi_final_log_final_relative_size.csv",  keep(L.cheat L.ebitat L.logat_cpi_final L.lratio_c L.lratio_l L.capxat) cells(b(star fmt(3)) se(par fmt(3))) stats(r2_a r2_w N) starlevels(* 0.10 ** 0.05 *** 0.01) varlabels(L.cheat "Cash Holding" L.ebitat "Sales" L.logat_r "Log Asset" L.lratio "Leverage" L.capxat "Capital Expenses" )  nonumbers mtitles("Prob" "Prob" "Prob" "Spending" "Spending" "Spending" "Spending") addnotes("Robust standard errors are in brackets and are clustered at firm level.") legend replace


